IRA Distribution
in [Quicken]
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From: John Pollard on 17 Sep 2005 09:41 PSJ wrote: > "JM" <zado_38(a)yahoo.com> wrote in message > news:1126922636.499520.232760(a)f14g2000cwb.googlegroups.com... >> As a test, can you enter a transfer from the IRA to a >> different >> account - say your checking account or a regular savings >> account - one that >> is not tax-deferred. >> >> See if this shows up in the report. >> >> I've done some work on this and find that transfers from an >> IRA to >> either my checking account or to my regular brokerage account >> both >> work fine. >> >> You might want to do test work in a copy of your file set. I >> generally keep a copy named 'Test' to do my experimenting in. > The acc't that I had transferred to is a regular brokerage > acc't that > is not tax deferred. However, I did try transferring to > another acc't > & -- it was in the report; I can't figure out why & of course, > it was > now in the wrong acc't. So I transferred the whole am't to the > proper > acc't & things are now as they should be. I did validate the > original > file set when I found that the disbursement didn't show in the > report; this showed no errors & did not change the result. Being curious, I had been trying to follow along in this thread. I created a test transaction to sell some mutual fund shares in an IRA account and transfer the money to a checking account. I too could not find the transfer in the Tax Schedule report. After reading this last post that appears to say that changing the transfer, then changing it back, finally caused the amount to appear in the Tax Schedule report led me to believe that different conditions might produce the problem. My test transaction was a "SellX", with proceeds to checking. I changed the SellX to a Sell, and added a WithdrawX (Cash transferred from account) transaction; same logical result, but now the transfer appeared in the Tax Schedule. Added another SellX transaction in the IRA account, and it does not appear in the Tax Schedule report. Q2006 (at least) does not appear to recognize that a SellX is a transfer out for tax attribute purposes. So are both of you saying that you are using WithdrawX transactions to transfer the money from your IRA accounts? Or is there yet another factor involved? -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup
From: PSJ on 17 Sep 2005 11:07 "John Pollard" <invalid(a)invalid.com> wrote in message news:12VWe.121554$084.827(a)attbi_s22... > Being curious, I had been trying to follow along in this thread. I created > a test transaction to sell some mutual fund shares in an IRA account and > transfer the money to a checking account. I too could not find the > transfer in the Tax Schedule report. After reading this last post that > appears to say that changing the transfer, then changing it back, finally > caused the amount to appear in the Tax Schedule report led me to believe > that different conditions might produce the problem. > > My test transaction was a "SellX", with proceeds to checking. I changed > the SellX to a Sell, and added a WithdrawX (Cash transferred from account) > transaction; same logical result, but now the transfer appeared in the Tax > Schedule. Added another SellX transaction in the IRA account, and it does > not appear in the Tax Schedule report. > > Q2006 (at least) does not appear to recognize that a SellX is a transfer > out for tax attribute purposes. > > So are both of you saying that you are using WithdrawX transactions to > transfer the money from your IRA accounts? Or is there yet another factor > involved? > > -- > John Pollard > First initial underscore Last name at mchsi dot com > Please reply to newsgroup > Mine was a withdrawx as there was nothing to sell -- had sold a security in advance to have cash available to transfer. What ended up working was to withdrawx to an asset acc't named "transfer account" & then transferring from there to the appropriate brokerage acc't (I also tried transferring to checking which worked); the tax schedule report showed the taxable distribution. I am confused why I cannot transfer directly to the brokerage acc't which I would think to be a common occurence (btw the IRA register looks the same with the exception of the name of the transfer to acc't). -- PSJ
From: John Pollard on 17 Sep 2005 11:53 PSJ wrote: > Mine was a withdrawx as there was nothing to sell -- had sold > a > security in advance to have cash available to transfer. What > ended up > working was to withdrawx to an asset acc't named "transfer > account" & > then transferring from there to the appropriate brokerage > acc't (I > also tried transferring to checking which worked); the tax > schedule > report showed the taxable distribution. > I am confused why I cannot > transfer directly to the brokerage acc't which I would think > to be a > common occurence (btw the IRA register looks the same with the > exception of the name of the transfer to acc't). No help really, just a couple of notes. I think that Quicken is still having problems with some aspects of the "new" (as of the introduction of check writing directly in from the cash balance in investment accounts) investment "cash" transactions. I have some of mine appear in *duplicate* categories in my budget report. For example I happened to pay for the registration of a new car with a check from an investment account in a split transaction, but paid for the registration of an existing car from my bank account. I have two "Auto: license and registration" categories in my Budget; one in the Category Group "Mandatory" (where it belongs) and one in the Category Group "Unassigned (this is where the investment transaction ends up)". I believe there are one or two more other oddities relating to categorized investment account transactions, but have forgotten them now. I think it might have something to do with the fact that investment accounts are significantly different than other Quicken account types, but when it comes to certain transactions (more so, with the newer investment cash transactions), investment account transactions have to be treated more like non-investment account transactions. -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup
From: PSJ on 17 Sep 2005 18:15 "John Pollard" <invalid(a)invalid.com> wrote in message news:zZWWe.122673$084.58998(a)attbi_s22... > PSJ wrote: > >> Mine was a withdrawx as there was nothing to sell -- had sold a >> security in advance to have cash available to transfer. What ended up >> working was to withdrawx to an asset acc't named "transfer account" & >> then transferring from there to the appropriate brokerage acc't (I >> also tried transferring to checking which worked); the tax schedule >> report showed the taxable distribution. > >> I am confused why I cannot >> transfer directly to the brokerage acc't which I would think to be a >> common occurence (btw the IRA register looks the same with the >> exception of the name of the transfer to acc't). > > No help really, just a couple of notes. > > I think that Quicken is still having problems with some aspects of the > "new" (as of the introduction of check writing directly in from the cash > balance in investment accounts) investment "cash" transactions. I have > some of mine appear in *duplicate* categories in my budget report. For > example I happened to pay for the registration of a new car with a check > from an investment account in a split transaction, but paid for the > registration of an existing car from my bank account. I have two "Auto: > license and registration" categories in my Budget; one in the Category > Group "Mandatory" (where it belongs) and one in the Category Group > "Unassigned (this is where the investment transaction ends up)". > > I believe there are one or two more other oddities relating to categorized > investment account transactions, but have forgotten them now. I think it > might have something to do with the fact that investment accounts are > significantly different than other Quicken account types, but when it > comes to certain transactions (more so, with the newer investment cash > transactions), investment account transactions have to be treated more > like non-investment account transactions. > > -- > John Pollard > First initial underscore Last name at mchsi dot com > Please reply to newsgroup > Thanks for your thoughts, John; hope intuit/qkn figures out the importance of these functions. In this case there were multiple securities in the IRA & it is not up to the fi to figure out which to sell -- ergo -- cash to transfer. At least I now know which hoops to jump through to get the necessary results. -- PSJ
From: JM on 18 Sep 2005 16:58
<snip> > > Being curious, I had been trying to follow along in this thread. > I created a test transaction to sell some mutual fund shares in > an IRA account and transfer the money to a checking account. I > too could not find the transfer in the Tax Schedule report. > After reading this last post that appears to say that changing > the transfer, then changing it back, finally caused the amount > to appear in the Tax Schedule report led me to believe that > different conditions might produce the problem. > > My test transaction was a "SellX", with proceeds to checking. I > changed the SellX to a Sell, and added a WithdrawX (Cash > transferred from account) transaction; same logical result, but > now the transfer appeared in the Tax Schedule. Added another > SellX transaction in the IRA account, and it does not appear in > the Tax Schedule report. > > Q2006 (at least) does not appear to recognize that a SellX is a > transfer out for tax attribute purposes. > > So are both of you saying that you are using WithdrawX > transactions to transfer the money from your IRA accounts? Or > is there yet another factor involved? > Interesting find John I have always used the WithdrawX format. I make sells on several securities and then transfer the proceeds to my checking account. Set this up a few years ago and never had any trouble. Had not tried the SellX format. Have been some poking around and am seeing what you report and what PSJ reports and it is puzzling: Have a tax deferred brokerage account and can do WithdrawX to either checking or a brokerage acct and the transfer reports correctly. A SellX does not report correctly. Have a IRA and find that a WithdrawX to checking reports OK but a WithrawX to a brokerage account does not [??] - this confirms PSJ's problem. Also, confirmed the SellX in IRA does not report properly. Have difference in how QW handles the WithdrawX and the SellX and a difference between originating account - IRA vs Tax Deferred Brokerage. Do you think we have a bug here? |